Analysis for December 4th, 2013
Euro continues consolidating; this movement may be considered as correctional structure. We think, today price may form descending structure towards 1.3520 and then form another consolidation channel near 1.3538. Later, in our opinion, pair may leave this channel downwards to reach target of this correction at 1.3460 and then start forming new ascending wave.
Pound continues forming descending correction. We think, today price may renew minimum of the first descending structure of this wave. Later, in our opinion, pair may consolidate for a while, return level of 1.6377 to test it from below, and then form another descending structure to reach 1.6315.
Franc continues falling down and reached target of central part of continuation pattern. We think, today price may return to 0.9074 (at least) and then start new descending wave towards 0.8900. However, alternative scenario implies that price may reach new minimum first, return to 0.9074, and then continue moving inside descending trend.
Yen started forming new descending wave; market has completed the first ascending impulse and may continue falling down towards target at 97.50. We think, today price may form the third wave of this descending movement with target at 100.75. Right now, pair is moving downwards to reach lower border of ascending channel. Later, in our opinion, price may consolidate near this level, form continuation pattern, and then break ascending channel.
Australian Dollar broke its consolidation channel downwards and right now is moving towards level of 0.8943. Later, in our opinion, price may continue falling down and reach new minimums. This descending movement is expected to continue without any corrections.
Gold is forming consolidation structure near 1220. Later, in our opinion, price may continue falling down to reach target at 1195 and then form reversal structure to start new ascending wave.
RoboForex Analytical Department